Why The Metal Company's Stock Is Plummeting Today
After spiking higher in the middle of the month, shares of TMC the metals company (NASDAQ: TMC) have been on a steep slide. The seafloor mining company, which is acutely focused on nickel production, saw its stock sink more than 40% from March 14 through the market's close yesterday. And today isn't showing much of a change. The company reported fourth-quarter 2021 earnings yesterday, and, suffice it to say, investors aren't impressed.
As of 12:24 p.m. ET, shares of The Metals Company have fallen 14.2%.
Unlike most companies that see a decline in their stock price the day after they report quarterly earnings, it's not a failure to meet analyst's top- or bottom-line expectations that's driving TMC stock lower today. TMC is in the pre-revenue phase of its development, so there was no revenue to speak of. The company did report a loss of $0.09 per share -- consistent with analysts' estimates -- but it's unlikely that this is what's motivating shareholders to leave their positions today.
Source Fool.com
